[Presidio Residential] – Presidio Residential Capital has partnered with Williams Homes to build Phantom Trail, ultimately a $25 million 82-acre community with 29 single-family homes and more than 70 acres of dedicated open space near Copperhill Drive and Haskell Canyon Road in the city of Santa Clarita, Calif. Construction will begin in the spring of 2015, and a grand opening is planned for November 2015.
“Presidio is excited to partner with Williams Homes on this project,” said Presidio Residential Capital principal Paul Lucatuorto. “Although the property encompasses 80 acres, Williams is planning to develop only 29 homes on 20 acres with a private neighborhood park, creating an exclusive enclave with amazing views of the surrounding area.”
Phantom Trail will be located within a highly desirable submarket for buyers who are looking for new homes with bigger-than-average lots within a safe community and outstanding schools. Buyers will be able to choose single-story homes if desired, will enjoy outstanding regional views and will have enough room for a pool and other amenities, all of which is rare in the Santa Clarita market.
The homes, on 7,750- to 16,780-square-foot lots, will have ENERGYSTAR® appliances, standard granite kitchen countertops and 10-foot ceilings on the first floor. Residents will have access to a large park within the subdivision. The site is near major employers including the William S. Hart Union School District, Six Flags Magic Mountain, Princess Cruises, College of the Canyons and Henry Mayo Newhall Memorial Hospital. With easy access to the Metrolink, Santa Clarita Transit and the Burbank Bob Hope Airport, Phantom Trail is also close to the Valencia Town Center and Patios shopping centers as well as Hurricane Harbor, Lake Castaic and Santa Clarita State Park.
“Williams Homes specializes in developing infill properties in Los Angeles County that are not mainstream opportunities for the big builders, and this particular property meets those requirements,” said Keith Herren, chief development officer and executive vice president of Williams Homes. “The property has a lot of terrain, which concerns most builders, but we believe the risks are easily quantifiable and manageable. The property is also smaller than what most big builders are looking for, but we actually like the smaller bites.”
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, the community’s 29 new single-family homes will generate $6.1 million in local income and $638,000 in taxes and other revenue for local governments and 94 local jobs.
“We chose this project because of the property’s location within a large master planned community,” Lucatuorto said. “It’s rare to find new homes on large lots with home prices starting in the $600,000s that are within commuting distance to Los Angeles employment centers.”
Williams Homes is the general contractor for Phantom Trail. Phantom Terrace Associates is the seller, and Howard Hamlin is the broker.
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides both levered and non-levered equity and non-recourse construction financing for for-sale residential focused development opportunities throughout the Western United States. Presidio has infused more than $400 million into the economy to capitalize housing development and construction. The firm’s goal is to fund in excess of $600 million in debt and equity for home building projects in the Western United States, and currently has investments in California, Hawaii, Texas, Idaho and Washington. The firm is affiliated with a privately-held registered investment advisor specializing in alternative investment strategies who has a long history of investing in the home building sector. Current assets under management total more than $2 billion. Presidio is a member of the Building Industry Association of San Diego.